Bitrabo Editorial
Recent on-chain data reveals a puzzling scenario surrounding Shiba Inu amidst the broad price drop in the past three weeks. Notably, there’s been a surge in the volume of SHIB tokens moving through the Shiba Inu network. According to the latest data from IntoTheBlock, significant Shiba Inu whales have been active over the last 24 hours.
The large transaction volume by IntoTheBlock measures the number and value of transactions exceeding $100,000. This metric helps track whale sentiment, showing that major holders shifted 1.55 trillion SHIB tokens within the last day.
Shiba Inu Whales in Action
Shiba Inu (SHIB), a meme cryptocurrency, has recently faced a sharp price drop. The token dipped below $0.0000165, reaching its lowest point since March. This decline aligns with the overall bearish sentiment affecting various cryptocurrencies, especially meme coins like SHIB.
During this downturn, ITB blockchain data reveals substantial SHIB transactions from whale wallets. In one instance, over 1.55 trillion Shiba Inu tokens, valued at approximately $26.6 million, were part of large transactions in the past 24 hours.
Moreover, looking back at the transaction history, it’s evident that significant SHIB transactions have been frequent. As of now, the large transactions for SHIB have cumulatively amounted to around $320.16 million over the past week. On June 24, as per the large transaction metric, large holders moved 6.43 trillion SHIB in a single day, marking the highest volume this week.
Decoding Whale Behavior
For regular investors, monitoring SHIB whale transactions can evoke a mix of hope and concern. Crypto whales are investors holding substantial amounts of a specific cryptocurrency, capable of impacting market prices with their trades. The whales in the Shiba Inu ecosystem are no exception.
Although massive transfers from whales might hint at a bearish signal amid the price decline, this isn’t necessarily the whole story. While some may be offloading due to the lower price, others might view this as an opportunity to accumulate more SHIB while prices are low, positioning themselves for a potential rally.
Interestingly, the recent price actions suggest that the latter scenario might be more plausible. Currently, SHIB’s price has increased by 1.5%, accompanied by an 18.20% rise in total SHIB trading volume across exchanges in the last 24 hours.